[SS Futures Daily Review] Indonesian Nickel Ore News Boosts SS Back Above 14,000 Yuan/mt, Stainless Steel Spot Market Remains Stable During Holiday SMM, February 11 — SS futures showed a strong upward trend. Last night, the 2026 Indonesian nickel ore approval quota was officially announced, driving SHFE nickel and stainless steel futures higher; during the day, SS futures once again climbed above 14,000 yuan/mt, finally closing at 14,145 yuan/mt. On the spot market side, despite the strong performance of SS futures, most spot trading was suspended as traders and downstream enterprises were largely on holiday, resulting in minimal actual transactions and stable prices. The most-traded SS futures contract strengthened and probed higher. At 10:30 am, SS2604 was quoted at 14,010 yuan/mt, up 160 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 160-360 yuan/mt. In the spot market, the average price for 201/2B cold-rolled coil in Wuxi was reported at 8,500 yuan/mt; the average price for 304/2B cold-rolled mill-edge coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price for 316L/2B cold-rolled coil in Wuxi was 26,600 yuan/mt, and 26,600 yuan/mt in Foshan; the price for 316L/NO.1 hot-rolled coil in Wuxi was reported at 25,750 yuan/mt; the price for 430/2B cold-rolled coil was 7,800 yuan/mt in both Wuxi and Foshan. This week, repeated fluctuations in macro sentiment, combined with a significant pullback in precious metals prices, dragged down nonferrous metals futures overall, with stainless steel futures also...

[SMM Chromium Daily Review: Market Operated Steadily Ahead of Holiday, Strong Holiday Atmosphere Prevailed] February 9, 2026: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

[SMM Stainless Steel Daily Review] SS Futures Fluctuate Rangebound Ahead of Chinese New Year Holiday, Most Stainless Steel Traders on Holiday SMM, February 9: SS futures showed a relatively strong and rangebound fluctuation pattern. The phased impact from the macro perspective gradually faded, and with the approaching Chinese New Year holiday in China, market activity declined. SS futures operated on a relatively stable tone, finally closing at 13,735 yuan/mt. In the spot market, most traders have entered the holiday period, and those not yet on holiday are mostly in the closing stage. A small number of transactions mainly focused on post-holiday futures orders, with prices overall basically stable. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., SS2603 was quoted at 13,770 yuan/mt, up 15 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 400-600 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was reported at 8,500 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; cold-rolled 316L/2B coil in Wuxi was 26,600 yuan/mt, and in Foshan 26,600 yuan/mt; hot-rolled 316L/NO.1 coil in Wuxi was quoted at 25,750 yuan/mt; cold-rolled 430/2B coil in both Wuxi and Foshan was 7,800 yuan/mt. This week, repeated fluctuations in macro sentiment combined with a significant pullback in precious metal prices dragged down the overall nonferrous metals futures, and stainless steel futures also showed wild swings in sync. At the beginning of the week, they once hit the limit down, then gradually staged a restorative rebound, …

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

This week, stainless steel spot production costs pulled back in sync, narrowing steel mills' profit margins. Taking 304 cold-rolled products as an example, based on raw material prices on the day, the full cost profit margin fell to -0.51% this week; if calculated using raw material inventory costs, it reached 3.16%. On the nickel-based raw material cost side, SHFE nickel futures pulled back this week. Driven by arbitrage operations between futures and spot, low-priced spot cargoes were sold off intensively, causing high-grade NPI spot prices to pull back quickly at the start of the week. Subsequently, SHFE nickel stopped falling and rebounded, and high-grade NPI prices recovered accordingly. However, as the Chinese New Year holiday approached, actual market transactions remained sluggish. As of Friday this week, high-grade NPI with 10-12% grade fell 14 yuan per mtu, closing at 1,040 yuan/mtu. In the stainless steel scrap market, stainless steel scrap prices weakened with the market this week. Approaching the Spring Festival, traders gradually began holidays, and pre-holiday stockpiling was largely completed; futures fluctuations transmitted to the spot market, with stainless steel finished products and high-grade NPI prices pulling back, driving down stainless steel scrap prices. Wait-and-see sentiment was strong, and transactions were sluggish. Looking ahead, the decline in stainless steel production schedules in February will suppress demand, but scrap steel's economic efficiency still provides support. Additionally, with the post-holiday "Golden March, Silver April" peak consumption season approaching, the market maintains bullish expectations for the future. As of Friday this week, Shanghai 304 off-cuts prices fell 100, with the latest offer around 9,650 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices continued to hold steady this week. Most stainless steel mills had completed pre-holiday stockpiling, and transactions in the high-carbon ferrochrome market were relatively sluggish. Stainless steel production fell significantly in February, leading to a pullback in demand for high-carbon ferrochrome; however, supported by high steel tender prices and chrome ore prices holding up well, ferrochrome prices remained stable for the time being. As of Friday this week, high-carbon ferrochrome prices in Inner Mongolia held steady WoW, closing at 8,550 yuan/mt (50% metal content).

[SMM Stainless Steel Daily Review] SS Futures in the Doldrums, Stainless Steel Traders Gradually on Holiday with Sluggish Trading SMM, February 6 – SS futures showed a weak and fluctuating pattern. During the day, nonferrous futures pulled back overall, and SS futures followed the decline, closing at 13,670 yuan/mt. In the spot market, although futures retreated, traders were gradually going on holiday, mostly in the winding-down stage, resulting in sluggish trading during the day, with quotations largely holding steady. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., SS2603 was quoted at 13,755 yuan/mt, down 5 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 415-615 yuan/mt. In the spot market, the average price for cold-rolled 201/2B coils in Wuxi was 8,500 yuan/mt; for cold-rolled mill-edge 304/2B coils, the average price in Wuxi was 14,100 yuan/mt, and in Foshan, 14,050 yuan/mt; for cold-rolled 316L/2B coils in Wuxi, 26,600 yuan/mt, and in Foshan, 26,600 yuan/mt; for hot-rolled 316L/NO.1 coils in Wuxi, 25,750 yuan/mt; for cold-rolled 430/2B coils in both Wuxi and Foshan, 7,800 yuan/mt. This week, repeated fluctuations in macro sentiment, coupled with a sharp pullback in precious metal prices, dragged down the overall nonferrous futures market, with stainless steel futures also experiencing wild swings. At the beginning of the week, prices once hit the limit down, and although a corrective rebound gradually unfolded later, the overall weak trend did not fundamentally reverse. The spot market, dragged down by futures fluctuations, moved lower in sync, with market sentiment following the futures...

[SMM Chromium Daily Review: Market Operated Steadily with Mediocre Performance Ahead of the Holiday] February 5, 2026: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

[SMM Stainless Steel Daily Review] SS Futures Largely Stable, Spot Stainless Steel Pre-Holiday Trading Slows Down SMM, Feb 5: SS futures were in the doldrums. Although the most-traded SHFE nickel and other nonferrous metals futures fell overall today, SS futures remained largely stable, with the high reaching 13,900 yuan/mt. In the spot market, affected by the renewed weakness in SS futures and the approaching Chinese New Year holiday, inquiries and trading activity for stainless steel further slowed down. However, most spot traders have entered the holiday preparation stage, maintaining an optimistic sentiment, with offers largely holding steady. The most-traded SS futures contract was in the doldrums. At 10:30 a.m., the SS2603 contract was quoted at 13,760 yuan/mt, down 100 yuan/mt from the previous trading day. In Wuxi, the spot premiums/discounts for 304/2B were in the range of 410-610 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coil in Wuxi was 8,500 yuan/mt; the average price of cold-rolled mill-edge 304/2B coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price of cold-rolled 316L/2B coil was 26,600 yuan/mt in Wuxi and 26,600 yuan/mt in Foshan; the price of hot-rolled 316L/NO.1 coil was 25,750 yuan/mt in Wuxi; the price of cold-rolled 430/2B coil was 7,800 yuan/mt in both Wuxi and Foshan. With the Chinese New Year holiday approaching and risk aversion sentiment intensifying, bulls concentrated on profit-taking, leading to a lack of upward momentum in stainless steel futures, which overall showed a weak and fluctuating pattern. Signs of capital withdrawal were evident, further suppressing the rise in futures...

[SMM Chromium Daily Review: Sluggish Trading Ahead of Holidays, Chromium Market Remained Stable] February 4, 2026: High-carbon ferrochrome ex-factory prices in Inner Mongolia were 8,500-8,600 yuan/mt (50% metal content) today, flat MoM from the previous trading day...

[SS Futures Daily Review] SS Futures Strengthen Again and Test Higher Levels, Stainless Steel Spot Prices Follow the Rise, Inquiries and Trading Show Some Recovery: SMM February 4 – SS futures continued to rise sharply. Macro sentiment marginally improved, precious metals stopped falling and rebounded today, and the non-ferrous sector also strengthened. Driven by this, SS futures also moved upward, testing a high of 13,870 yuan/mt. In the spot market, supported by the strong rise in SS futures, stainless steel spot offers also increased; although trading remained generally sluggish as the Chinese New Year holiday approached, market inquiry activity showed some recovery under the recent continuous upward movement of stainless steel prices, and some pre-holiday restocking orders increased compared to earlier periods. The most-traded SS futures contract strengthened and rose. At 10:30 a.m., SS2603 was quoted at 13,860 yuan/mt, up 280 yuan/mt from the previous trading day. In Wuxi, spot premiums/discounts for 304/2B were in the range of 310-510 yuan/mt. In the spot market, the average price for 201/2B cold-rolled coil in Wuxi was 8,500 yuan/mt; the average price for 304/2B cold-rolled mill-edge coil was 14,100 yuan/mt in Wuxi and 14,050 yuan/mt in Foshan; the price for 316L/2B cold-rolled coil in Wuxi was 26,600 yuan/mt, and 26,600 yuan/mt in Foshan; the price for 316L/NO.1 hot-rolled coil in Wuxi was 25,750 yuan/mt; the price for 430/2B cold-rolled coil in both Wuxi and Foshan was 7,800 yuan/mt. As the Chinese New Year holiday approaches and risk-aversion sentiment intensifies, bulls concentrated on profit-taking, leading to a lack of upward momentum in stainless steel futures, overall showing a bias toward...